Question 5 Consider a competitive exchange economy with two individuals (A and B) and two goods (x and y). Consumer A is initially endowed with 4 units of good x and 4 units of good y. Consumer A has the following demands for goods x and y: MA MA and TA YA 2px 2Py Consumer B is initially endowed with 16 units of good x and 1 unit of good y. Consumer B has the following demands for goods x and y: MB MB and ув IB = 2Pz 2py where mд is the market value of consumer A's endowment and mß is the market value of consumer B's endowment. At the resulting competitive equilibrium, what is the price of good x (with the price of good y normalised to 1)?

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Welfare Analysis

Welfare analysis of the society is related to welfare economics. From the economic point of view former welfare economics refers to that subject which uses the techniques of microeconomics to analyse and evaluate the welfare at the economic or aggregate level.